Taxable Benefits & allowances
Avoid the most common compliance issues found in CRA and Revenu Québec audits.
One of the most common audit issues is excluding taxable benefits and allowances from employment income. Employers are responsible for: determining whether the benefits they offer are taxable to their employees, adding the value of those benefits to reportable income; and, withholding, remitting and reporting the required statutory deductions to Canada Revenue Agency (CRA) and Revenu Québec (RQ). This seminar offers an in-depth review of applicable legislation and regulations and explains the key concepts used by CRA and RQ to evaluate taxability and assess more than 40 common benefits, including automobile allowances, loan and stock options, gift cards and more.
Who should attend:
All payroll/human resources professionals or anyone responsible for calculating taxable benefits and allowances for employees within their organization.
Register early and save - Early bird rates apply until two weeks prior to the seminar.
For certified members, this seminar counts toward 7.5 hours of continuing professional education
This seminar is designed to provide you with a comprehensive overview of the payroll implications for a full range of taxable and non-taxable benefits and allowances.
The curriculum covers:
Taxable Benefits Legislation
- Determining and applying taxable benefits values
- Acts, statutes and regulations
- Administrative policy
- Allowances vs. expense reimbursements vs. taxable benefits
Sales Tax Issues
- GST/PST/QST/HST and other provincial taxes
- Withholding, remitting and reporting
Automobile Benefits and Allowances
- Definition, calculation
- Deduction and reporting
- Benefit components
- Personal/business use
- Reduction of the automobile benefit
Loans and Stock Options
- Employee loans
- Forgiven amounts
- Stock options/stock purchase plans
Other Benefits and Allowances
- Taxable vs. non-taxable benefits, allowances
- Counselling fees and services, parking, awards, gifts, etc.
- Car, meal, clothing and moving allowances
- Source deductions
- Year end reporting